Welcome to our dedicated page for 908 Devices news (Ticker: MASS), a resource for investors and traders seeking the latest updates and insights on 908 Devices stock.
908 Devices Inc. (Symbol: MASS) is revolutionizing the field of chemical analysis by making mass spectrometry accessible and user-friendly. Headquartered in Boston, the company specializes in developing point-of-need chemical analysis devices that range from rugged handheld tools to compact and efficient analyzers. These devices, based on advanced High Pressure Mass Spectrometry (HPMS), are designed to offer quick, actionable insights into unknown and invisible materials.
908 Devices serves a variety of industries, including safety and security, oil & gas, life sciences, and other applied markets. Their products are purpose-built and user-centric, catering to the specific needs of each market. The company is committed to providing innovative solutions that address critical problems in sectors such as life sciences research, bioprocessing, industrial biotech, and forensics.
In terms of financial performance, 908 Devices derives the bulk of its revenue from the United States, although it also has a significant presence in Europe, the Middle East, Africa, the Americas, and the Asia Pacific region. Recent achievements include the development of a suite of advanced Mass Spec devices that are compact yet highly effective. These devices are designed to be used at the point of need, offering rapid and reliable chemical analysis that is crucial for various applications.
One of the key areas of focus for 908 Devices is to democratize chemical analysis, making it more accessible and easier to use for a broader range of users. By doing so, the company aims to accelerate the pace of innovation and discovery in multiple fields. Their products are not only technologically advanced but also user-friendly, ensuring that even non-experts can operate them effectively.
In the latest news, 908 Devices continues to push the boundaries of what is possible with mass spectrometry. They have recently announced several new partnerships and product launches that aim to further enhance their capabilities and market reach. These developments highlight the company's commitment to staying at the forefront of the chemical analysis industry.
908 Devices Inc. has launched MAVEN, a device for real-time monitoring of glucose and lactate during cell culture and fermentation processes. MAVEN allows biopharma companies to make informed decisions based on precise measurements taken every two minutes without sample withdrawal, enhancing process efficiency and reducing contamination risks. The device is GMP compliant, occupies minimal laboratory space, and is particularly valuable for cell therapy applications due to its sensitivity in measuring low concentrations. MAVEN is now available worldwide, complementing the company’s REBEL media analyzer to optimize cell culture feeding strategies.
908 Devices Inc. (NASDAQ: MASS) highlights the effectiveness of its MX908 handheld mass spec device used by correctional facilities across the U.S. to detect illicit drugs. The device aids in identifying trace amounts of drugs, enhancing safety for officers and inmates alike. Over 600% rise in drug overdose deaths in state prisons over the last 20 years underlines the urgency for such technology. The MX908 enables swift identification of drugs concealed in mail, a crucial development for combating contraband in prisons.
908 Devices reported Q3 2022 revenue of $15.8 million, a 26% increase year over year, with a gross margin of 59%. The growth was attributed to increased handheld recurring revenue and desktop device placements, which rose 51% year over year. Despite this, the company anticipates slower purchase cycles due to macroeconomic pressures, revising its 2022 revenue guidance to $46-$49 million, a 13% increase from 2021. Operating expenses increased to $16.5 million, leading to a net loss of $6.3 million for the quarter.
908 Devices (NASDAQ: MASS) is enhancing drug discovery through its handheld and desktop mass spectrometry devices. With the acquisition of TRACE Analytics, the company aims to build a comprehensive bioanalytics platform. Recent collaborations with industry leaders and academic institutions have yielded significant advancements, such as a 40% increase in cell growth titer using their REBEL device. At major conferences, 908 Devices showcased its innovative technologies, emphasizing real-time analytics that streamline biotherapeutic workflows, positioning itself as a key player in the life sciences sector.
908 Devices (NASDAQ: MASS) has announced the launch of a new downloadable target pack for its MX908 mass spectrometry device, enabling rapid identification of toxic pesticides. Developed with the U.S. Forest Service, this upgrade allows for quick on-site detection, empowering first responders to act promptly against hazardous chemicals implicated in illegal marijuana cultivation. The MX908 can now identify eight dangerous pesticides, providing crucial intelligence for environmental safety and public health.
908 Devices Inc. (Nasdaq: MASS), a leader in handheld and desktop mass spectrometry devices, will participate in two investor conferences in
908 Devices Inc. (NASDAQ: MASS) will release its financial results for Q3 2022 on November 14, 2022, before market opening. A conference call is scheduled for 5:30 a.m. PT / 8:30 a.m. ET, which will be available via webcast on the company's website. 908 Devices specializes in handheld and desktop mass spectrometry devices designed for chemical and biomolecular analysis, catering to critical applications in life sciences, pharma, and forensics. The company is based in Boston and focuses on democratizing mass spectrometry technology.
908 Devices (NASDAQ: MASS) announced a successful collaboration with CPI, demonstrating their REBEL™ device's ability to enhance cell growth in bioprocessing. Using the REBEL, CPI optimized nutrient levels for a monoclonal antibody-producing cell line, achieving up to a 40% increase in titer while controlling toxic metabolite accumulation. The REBEL provides real-time data tracking, facilitating informed decisions on feeding strategies and improving both efficiency and product quality.
908 Devices Inc. (NASDAQ: MASS) reported Q2 2022 revenue of $11.1 million, a 34% increase year-over-year, driven by strong sales in handheld and desktop devices, with desktop revenue growing 39%. The company achieved a gross margin of 60% compared to 53% in the same quarter last year. Despite a net loss of $8.1 million, cash reserves stood at $213 million. Looking ahead, 908 Devices expects 2022 revenue between $52 million and $55 million, indicating 23% to 30% growth from 2021.
908 Devices (NASDAQ: MASS) has completed its acquisition of TRACE Analytics GmbH, a German firm specializing in online analysis and sampling systems for biotech applications. The purchase includes an initial payment of $15.3 million, plus up to $2.0 million contingent on future milestones. This acquisition aims to enhance 908 Devices' mass spec devices for on-line bioprocess monitoring, aligning with their goal of developing a comprehensive bioanalytics platform. The integration is expected to bolster their capabilities in providing actionable insights for Bioprocessing 4.0.
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